5 Tips To Help Prep Your Home As A Vacation Rental
5 Tips to Help You Prep Your Home as a Vacation Rental
The sharing economy has opened the door for many people to make money using their personal assets. You can use your car to provide ride services and your home to provide lodging. If you're interested in renting your house as a vacation home, consider these tips from Main St. Real Estate to help you prepare the home and get the most money possible.
- Make the Lawn a Priority
Your lawn is often the first impression for potential renters. It's important to keep it in good shape and make the necessary upgrades. Consider hiring a lawn care service to help take care of the property. Typically, the cost of mowing is based on the size of your lawn and is relatively inexpensive. However, you will face additional costs if you need other services, such as fertilization, irrigation, hardscaping, and pruning. There are projects you can DIY to cut costs. For example, you can add solar lighting along the entrance to make the path to the door look more appealing.
- Make Renovations That Add Value
Is the kitchen outdated? Does the bathroom need new fixtures? Think about elements of the home that haven't received an upgrade in a long time and consider making changes. If your home is near a body of water, you may want to add deck space so you can include a seating area and grill for guests to use. Think about including a hot tub or if you want to double the value of a nightly stay, you can place an inground pool in the backyard.
- Hire a Strong Team
Make sure you have a team of people managing the property that you can trust. This includes your housekeeping staff. Lodgify points out that cleanliness is a top priority for vacation rentals that want to prove they are as accommodating as hotels. You can hire a property manager to check on the home, respond to guests' needs, and take care of any maintenance issues.
As with any business, keeping track of accounting is critical. You can always outsource accounting and bookkeeping services, or do it yourself, which is made easier with today’s robust accounting software platforms. If you need a refresher course or two on keeping tabs of your books, consider wrapping up your education with a business degree like one in accounting. Such a degree gives you the latest concepts in auditing, reporting, and taxation. Plus, you can finish getting your degree in just four years, with the added convenience of studying wherever you have an internet connection.
- Don't Skip the Amenities
Amenities are a great way to add value to a guest's stay. It can be as simple as using top-quality bedding and pillows throughout the house. This will make your guests associate that feeling of comfort with your home. Other small considerations include a nice coffee maker with plenty of coffee, cooking supplies, and snack baskets for every bedroom. If you have a washer and dryer, make it available for renters as well. Wander Big notes that can help attract long-term stays.
- Form and LLC and Market Your Property Effectively
Marketing your property starts with how you list it. Consider registering your business venture as an LLC to take advantage of the liability coverage in case you face litigation for anything from missing items to injuries on the property. If you want to start an LLC in Missouri, the process typically takes five steps. A formation company can help you by making the process quick and easy.
Be mindful of how you display the property through websites. You want to be as thorough as possible. For example, be sure to mention the type of home it is, how many people you can accommodate, the number of bedrooms and bathrooms, the amenities, and your policy on pets. If your home is not kid-friendly, it’s important to mention that as well.
With the right location, your home can easily become a successful vacation rental. Remember to keep the yard well-groomed and the sheets fresh, and the good reviews will come pouring in. Protect yourself by forming an LLC and be sure to listen to what your tenants need and take their criticisms seriously. Also consider returning to school to sharpen your accounting skills needed to run your biz. And if you change your mind and decide to put your home on the market, contact Main St. Real Estate!
"Seth Murphy first got into doing DIY projects to save money, but over time he has developed a real passion for this hands-on, intensive work. He knows DIY can be intimidating so he created Papa DIY to share tips and help others with their own endeavors."